Chicory Market Driving Factors and Growth Opportunities

Posted on 2021-05-28 by MarketsandMarkets in Food & Beverage // 0 Comments

The Chicory Market is estimated to be valued at USD 685 million in 2020 and is projected to reach USD 905 million by 2025, recording a CAGR of 5.7%, in terms of value. Rising prices of coffee beans along with increasing consumption of coffee, is navigating the coffee and other food & beverage manufacturers to adopt to chicory ingredient, as a cheaper substitute to coffee. Also, high medicinal values and health benefits associated with the consumption of chicory, is expected to further propel the market. Furthermore, easy cultivation process of the crop and rising number of new entrants in the market, is substantially snowballing the growth prospects.

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Drivers: Preference for chicory as a cheaper substitute for coffee

Chicory is currently ten times cheaper than coffee. Coffee is one of the premium food products. The prices of coffee powder have further increased due to an increase in global prices, making it impossible for companies to absorb the higher cost of raw material. Coffee companies are now blending in chicory to protect their margin. Large coffee companies that hold a couple of bestselling brands have increased their chicory content in their branded sachets to 49% from 30%.

Direct consumer products made from chicory, such as the roasted chicory powder that is an absolute coffee substitute, are also very cheap; therefore, people now prefer more chicory because of its lower price, accompanied by significant health benefits and also is caffeine-free.

Opportunities: Growth in applications of chicory across various industries

A variety of trends have driven the use of chicory root fiber not only in food & beverage applications but also in other areas like in dietary supplements, pet food, cosmetics, and pharmaceutical industries. In the food and beverage industry, one of the present significant trends is in sugar reduction. Chicory root fiber can assist with sugar reduction by helping with flavor and texture. Chicory leaves and roots have been used for salads and in the preparation of various innovative and tasty recipes. Chicory is a nutritional powerhouse, containing vitamin K, A, C, and a long list of the B group vitamins. It is an excellent source of minerals like manganese, copper, iron, and potassium. The roots of chicory contain inulin fiber, a type of prebiotic that promotes the growth of beneficial bacteria in the gut; this is used widely as a dietary supplement.

In more recent times, dog food manufacturers have picked up on the potential benefits of chicory root and have started to include it in dog food, which further extends its potential in the pet food industry. However, the portion or quantity of chicory root used in dog food is quite minimal. A number of the popular and prominent dog food brands make use of chicory root.

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Key players are Cosucra Groupe Warcoing (Belgium), Delecto Foods Pvt Ltd (India), BENEO GmbH (Germany), Sensus (Netherlands), Leroux (France), Cargill Incorporated (US), Reily Foods Company (US), Pioneer Chicory (India), PMV Nutrient Products Pvt Ltd (India), Farmvilla Food Industries Pvt Ltd (India), Murlikrishna Foods Pvt Ltd (India), Starwest Botanicals (US), STOKROS Company Ltd (Russia), Nature’s Gold Production (Netherlands), Organic Herb Trading Co (UK), Narasu’s Coffee Company (India), NP Nutra (US), Shaanxi Sciphar Natural Product Co Ltd. (China), Jamnagar Chicory Industries (India), and Herbs & Crops Overseas (India).

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